September 21, 2023

FDI Forum

Earn the right Invest

Black Girl Develops Fintech Platform, Raises $6.2M in Funding

This entrepreneur is preserving range in thoughts as she builds her system.

Medical professional Ami Kumordzie created a fintech platform with no knowledge and a mission to link customers with IRS-compliant merchants, urging people today to commit in improving their well being.

In accordance to Forbes, soon after the Sika Wellbeing CEO noticed the flaws inside the health care technique whilst learning at Stanford College School of Medication, she made a decision not to go into residency and got her M.B.A. alternatively.

“My to start with work was as a management advisor working for health care consumers at BCG,” she explained including that the analytical situation assisted her establish the gap in the sector.

Kumordzie was impressed to launch Sika Wellness immediately after her mom was laid off from her lodge position all through the pandemic.

“Even nevertheless I have worked in healthcare my entire job, I experienced to scramble and pretty much become a tax expert to figure out how she [my mother] could invest these cash just before she would get rid of them,” she mentioned.

“About 70 million Individuals are enrolled in FSA or HSA accounts, contributing about $150 billion a 12 months,” Kumordzie explained, noting the big decline individuals encounter from forfeiting their FSA rewards.

“That’s a genuine tragedy mainly because it is funds people could have invested in strengthening their health and fitness,” Kumordzie stated.

“We need additional strategies to preserve and equipment that assistance extend our dollars,” she stated. “[Using FSA and HSA dollars] effectively means that you are obtaining health care at 30% off costs.”

Kumordzie raised $6.2 million in the early stages of funding.

“The target was to increase $500,000,” she stated. “Within months, I surpassed my target and elevated $1.2 million.” Kumordzie reached $5 million afterwards all through a seed funding round led by Forerunner Ventures representative Brian O’Malley.

“Having a model like Forerunner as just one of our backers will make a large variance when you are seeking to use,” Kumordzie stated. “It makes a massive difference when you are getting a employing dialogue and hoping to encourage an individual to go away their higher-shelling out steady career to consider a hazard on an early-phase organization.”

Kumordzie credits her non-regular track record to the achievement of drawing venture capitalists.

The fintech founder wanted to be able to employ the service of wonderful tech specialists and inevitably, Sika Wellbeing was ready to employ the founding engineer of the payments group at Etsy.

“Sika is on a mission to make sure consumers can entry and shell out their HSA/FSA money on objects they want, when they want, trouble-cost-free,” the internet site wrote.”